Bernstein Sees 80% Upside for Riot After $9.1B Anthropic AI Deal, Raises PT to $35
RIOT has more than doubled off its 52-week low of $10.95.
Summary
Bernstein raised its Riot price target to $35 from $30, implying ~80% upside, after the $9.1B Anthropic cloud deal. The analyst note provides the first detailed economics: $457M annual recurring revenue, $365M-$411M NOI, and $2.1B-$2.3B capex for the 191 MW Rockdale lease. A $573M Morgan Stanley interim facility funds early equipment. Bernstein's sum-of-the-parts values AI colocation at $12.3B (84% of EV), dwarfing the legacy bitcoin mining business. The firm also raised its AI revenue yield assumption to $2.2M per IT MW and sees a path to $900M AI revenue by 2030. Shares surged 27% pre-market before paring to ~$22.60. This follows the initial deal reports and a non-binding Corsicana LOI disclosed earlier today, adding the first sell-side model and valuation framework.
At the time of this announcement, RIOT was trading at $22.91 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $7.3B. The 52-week trading range was $10.95 to $30.32. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: The Block.